Audroc Limited appointed Brickwork Ratings India Private Limited as the monitoring agency for its preferential issue of up to 20,00,00,000 (Twenty Crore) Convertible Equity Warrants. The Board of Directors approved the appointment on August 04, 2026, ensuring compliance with SEBI regulations for the equity raise initially approved in June 2026. The company simultaneously replaced its internal auditor, appointing Mikil Vora & Associates for a five-year tenure to oversee financial controls.

The appointment of Brickwork Ratings addresses regulatory requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The monitoring agency’s term remains valid until 100% utilization of the issue proceeds. This step is critical for maintaining transparency in the capital raising process, which involves convertible instruments that may impact share capital structure upon conversion.

Monitoring Agency Appointment

Brickwork Ratings India Private Limited, a SEBI-registered Credit Rating Agency, was engaged via an agreement dated August 04, 2026. The agency is accredited by the RBI and offers rating services on bank loans, NCDs, commercial paper, and fixed deposits. Brickwork Ratings is promoted by Canara Bank, a leading public sector bank, and was founded by bankers and credit rating professionals. The appointment ensures independent oversight of the preferential allotment process.

Internal Auditor Transition

The Board noted the resignation of the previous internal auditor due to pre-occupation, effective August 04, 2026. To maintain continuous audit coverage, Audroc Limited appointed Mikil Vora & Associates as the new internal auditor. The firm, established in 2012, provides assurance, taxation, advisory, and financial consulting services to corporates, SMEs, and startups. The appointment covers a period of five financial years, from FY27 to FY31.

What the Numbers Show

The preference for a monitoring agency with public sector backing (Canara Bank) suggests a focus on regulatory robustness for the warrant issue. The five-year internal audit mandate indicates a long-term commitment to strengthening governance frameworks following the capital raise.

Audroc Limited has secured shareholder approval to issue up to 20,00,00,000 Fully Convertible Equity Warrants on a preferential basis to promoter and non-promoter category investors. The resolution was passed during the company's Extra-Ordinary General Meeting (EGM) held on June 27, 2026, via video conference. This capital raise initiative is aimed at strengthening the company's financial position through the issuance of equity instruments.

The EGM was convened at 11:00 A.M. IST and chaired by Karnik Shasankan Pillai, Chairman and Managing Director of Audroc Limited. The proceedings were conducted in compliance with the Companies Act, 2013, and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice for the meeting was dated June 1, 2026, and statutory registers were made available for electronic inspection during the session.

Attendance and Participation

A total of 34 shareholders attended the meeting through video conferencing, comprising 3 from the promoter and promoter group and 31 from the public category. No shareholders were present in person or through proxy. The meeting was also attended by key managerial personnel, including Harshkumar Kalidas Patel, Chief Financial Officer, and Himani Jhamar, Company Secretary & Compliance Officer.

Voting and Scrutiny

The voting process was overseen by Mr. Kamlesh M. Shah, a Practicing Company Secretary and representative of M/s. Kamlesh M Shah & Co, who was appointed as the Scrutinizer. The company provided a remote e-voting facility prior to the meeting, and members who had not voted were permitted to cast their votes during the session. The e-voting facility remained open for 15 minutes after the conclusion of the meeting to ensure maximum participation.

During the question and answer session, the representative of MUFG informed the attendees that no registered speaker shareholders were present, and consequently, no questions were raised. The meeting concluded at 11:25 A.M. IST with a vote of thanks to the Chair. The detailed results of the voting are set to be declared and submitted to the stock exchanges within the prescribed regulatory timeline.